Greater Seattle Metro Area Home Price Boom!

A visualization narrative by Han Wong (hcwong2@illinois.edu)

Best viewed using Chrome, Edge or Safari

ABOUT THE VISUALIZATION

This narrative visualization uses the Interactive Slideshow approach to take you through a visual journey of the housing market from Jan 2010 to March 2018 in the Greater Seattle Metro area.

The Dataset

The Median Home Sale Price and Inventory datasets were acquired from Zillow, May 2018. The data was originally prepared using Tableau Prep tool to narrow the datasets to data pertaining to the Seattle metro region from Jan 2010 to March 2018.

Scenes

A consistent and cohensive template was built using CSS layout and FullPage.js to set up the scenes for this visual story. Scene transition follows an intuitive approach of sliding up and down via mouse wheel, touch or key-up/down. Slide navigator, along with tool-tip located at the right side of each slide provides a good navigation visual cue. It also acts as a trigger allowing readers to jump to a specific slide.

Annotations

Annotations were used to show the high and low points of median home price and inventory on the respective home price and inventory charts. These call-outs were to effectively paint a concise picture of the market landscape for the last 8 years in the Seattle Metro area.

Tooltips & Visual Aids

Readers can hover over the line on the line charts to bring up the data-label tooltip to inspect the home price and inventory for a specific timeframe. Axes of all line charts were clearly labeled. Each data point in the bubble chart were clearly labeled with tooltip showing the current median home price for the specific city upon hovering over the bubble.

Parameters

City location served as the main parameter for the Current Median Home Price bubble chart to allow readers inpect the current median home price based the directionality of cities with respect to Seattle Proper. The Seattle metro area includes 3 most populous counties covering cities in the Seattle-Bellevue-Everett and Tacoma divisions. These cities are located to the East, North and South of Seattle. Readers are able to use the City Location selector to highlight the cities in the bubble chart to furture inspect their respective median home price. Both set of line charts also provide two respective parameters: home price vs YoY and Inventory vs YoY to allow readers to switch the relevant charts.

Triggers

As noted above, buttons were used on both set of line charts to trigger the display of a proper chart (home price vs YoY and Inventory vs YoY). The City Locator selector serves as the mechanism to trigger the highlights of cities based on the selected direction. Data tooltips appear upon mouse over event on all the charts. The slide navigator also serves as the trigger allowing readers to jump to a specific slide.

Skyrocketing Home Prices with No Signs of Slowing Down!

2010-2011:
Early period of recession recovery. Financial regulations implemented.

Late 2011:
Home prices bottomed out.

Early 2012:
First sign of market recovery. Home prices climbed.

2012 - Current:
Upward growth of home prices. No signs of cooling.

Home prices in the Seattle metro area have been climbing after seeing the lowest median home price of $259K in late 2011. Toggling to the YoY trend chart, you'll notice that median home price has a solid growth for the last 7 years. Last year home prices grew 12%. With no sign of the market cooling, median home price climbed to $441.8k at the beginning of the 2018 season.

 

(note:hover over the line to inspect the data)

Shrinking Housing Inventory Not Meeting Demand!

2010-2011:
Early period of recession recovery. Financial regulations implemented. Inventory at its hightest

Late 2011-Early 2012:
Intentory dropped significantly.

2012 - Current:
Inventory remains low and shrinking. Inventory bottomed out early 2018.

Housing inventory peaked during the early recovery phase of the 2008 Great Recession with the median home price remaining low. Many of the inventories were “under-watered” from the subprime crisis. With the lingering downturn effect of the recession, inventory was at its highest at 14.6K in mid 2010 and remained high throughout 2011. This is also the period where home prices bottomed out as housing supply was far greater than the demand. 2012 was the pivotal point where there was a sharp increase in housing demand which resulted in significant dip of the housing inventory. Toggling to the YoY trend chart, you'll notice that inventory dropped 41% in 2012, and this in turns caused the median home price to climb. Demand continued to out pace supply as inventory persisted to shrink and bottomed out at 2.1k in early 2018, while the median home price climbed to the highest level at $421K.

 

(note:hover over the line to inspect the data)

Surge of Tech Workers driving Home Pricing Boom!

City Location:
(hover over the bubble to inspect 2018 median home price)

The Greater Seattle Metro area includes the 3 most populous counties (King, Snohomish and Pierce) covering cities in the Seattle-Bellevue-Everett and Tacoma divisions. These cities are located to the East, North and South of Seattle. As The Greater Seattle Metro area continues to establish itself as the tech hub in the Pacific Northwest region, there has been an increasing presence of tech startups along with industry giants such as Amazon, Google, Facebook, Salesforce and Microsoft. High salaried tech workers flock to the area and surge the demand for single family homes. With the shrinking inventory not meeting the increasing demand, home prices surrounding the workplaces of these tech workers continues to skyrocket. In 2017, The median home price in the Greater Seattle area saw a 12% YoY growth!

Major Cities with Present of High Tech Giants:
Seattle:Amazon, Google, Facebook

Redmond:Microsoft

Bellevue:Microsoft, SalesForce, Oracle, Expedia. T-Mobile

Kirkland:Google, Tableau

Everett, Renton:Boeing

References

Github Repo

https://github.com/h0n2/h0n2.github.io


The Dataset

The Median Home Sale Price and Inventory datasets were acquired from Zillow, May 2018.


Background Image

Seattle Space Needle: https://www.pexels.com/photo/space-needle-656195/